If you believe refinancing may be suitable for you while you’re in training, use the following link to get an indication from Sofi: www.sofi.com/dwoq


DWOQ readers and referrals receive a $200 bonus when they refinance, but more importantly, borrowers who use our link are entitled to a FREE consultation with a DWOQ Advisor to review the offer with you and discuss ALL your options in detail… AT NO COST TO YOU.


But if you’re unsure if refinancing is suitable, which I expect many of you may be, we recommend conducting a FREE Refinancing Suitability Analysis to weigh your options in advance of applying. If we determine refinancing is suitable, we’ll serve as your advocate to streamline the application process, apply leverage where applicable, and you’ll get that $200 bonus for working with us. It’s really a no-brainer.


Click here to start your Refinancing Suitability Analysis


'til DEBT do us part,

Jason DiLorenzo

Executive Director

Doctors Without Quarters, LLC

October, 2017: I recently reviewed the details of Sofi’s new refinancing offering for medical graduates in training, and I expect that given their extensive marketing this will soon land in many of your inboxes if it hasn’t already. While we’ve seen a few entrants come into the resident refi space (and go) in recent years, this particular offering deserves consideration because if delivered as advertised, with rates as low as 25 basis points above attending rates with up to 4 1/2 years of $100 monthly payments, it would be more suitable for many of today’s Housestaff than current competing options.


As a result, I wanted to revisit the considerations that EVERY resident with student loan debt should examine before they refinance with a private lender. This is an irreversible action, so be sure to understand the following in detail before you proceed:


  • Revised Pay As You Earn (REPAYE): This program, not even two years old, can reduce the effective federal loan interest rates to as low as 3% for many doctors in training. This is achievable because when your monthly payments don’t cover your accruing interest (ie training), only half of the outstanding interest is charged. Learn more about this program in detail here.
  • Payment Flexibility:​ With Sofi’s new offering, you’ll be committed to entering your chosen repayment term after training (the maximum deferment is 4 1/2 years), regardless of whether or not you’re ready to. So if you’re unsure whether or not you’ll pursue that Fellowship, understand that you’ll have to find a way to make full payments once the deferment term is complete. Keep in mind, the lowest rates will only be offered to those prepared to repay over 5 years (advertised rates as low as under 4%), and this may be a difficult commitment to make early in training (to pay roughly $250k back over 5 years, monthly payments could approach $5k).
  • Credit Considerations: If you do apply, be sure to receive an indication before you proceed with a complete application, which requires a “hard” inquiry on your credit report. If ultimately the results won’t lead to a desirable outcome or a lower rate, don’t complete the application!
  • Discharge and Interest Accrual Benefits: With Sofi, federal benefits such as discharge in death or disability are still offered, as well as the simple accruing of interest during training (versus compounding, which adds cost).
  • Private Loans: If you’re able to reduce your rates on high or variable rate private loans (including previously refinanced loans), there’s little reason NOT to do so.


  • If you are (or will soon be) married and your spouse has significant income and no student loan debt (nice work there, by the way…), your only option to maximize PSLF is to file your taxes separately, which can increase your tax liabilities substantially.
  • Physicians with $100,000 or less in overall federal loan debt will likely see little value to PSLF.
  • If you’re in a for-profit training program, these years won’t qualify towards PSLF. That said, if you plan to spend 10 years in a non-profit environment AFTER training, generous savings may be available for those who still have high debt to income ratios in practice, and refinancing may still not be suitable.
  • If you have no interest (pun intended) in relying on the government to forgive any of your debt, while I might ask why and convince you to reconsider and instead build up a separate “loan savings fund,” you may wish to consider refinancing now while rates are competitive.

To Refi or not to Refi; THAT is the Question... for Housestaff


  • Public Service Loan Forgiveness: If you are seeking to maximize savings available through the PSLF program, DO NOT REFINANCE YOUR FEDERAL LOANS TO A PRIVATE LENDER WITHOUT FIRST IDENTIFYING YOUR PSLF SAVINGS. This program is still very much in place (see your Promissory Notes), and the President’s 2018 budget proposal contemplates grandfathering existing borrowers if it’s eliminated or capped in the future. In many cases, the total required payments are much less than the overall debt. There are four exceptions here:


How to Pay Off Medical School Debt